Topic: BINANCE AS HOLDER - page 2. (Read 554 times)

You're welcome, friend! I hope that you'll learn a lot here and you won't be distracted with many things while you have been focusing on some things. But that's fine, learn this and that at the same time since the forum is fully loaded with great people that we're all learning from and sharing their knowledge to everybody. And as for saving money and learning how to invest, it's part of your growth here and as well as your personal life. That's what I've learned in the long run when I've stayed on this community and while I am invested in Bitcoin. It's like a requirement that you'll have to learn the basics of finance and economy as Bitcoin expands to those subjects and categories as well.

Yes you are right. I just want a wallet where i can put everything there and do not touch so soon. Im gonna try electrum at first and make 2 or 3 wallets. In the meanwhile, im gonna reasearch cold wallets that i found out with the help here that its the best option in this case.

you can choose to empty it or fill it with a wallet address from a custodial wallet such as safepal, trustwallet, or atomic wallet, because filling in the wallet address from the exchange is not recommended because at any time it can change and storing your assets on the exchange does not allow you to freely manage it. so it's better for you to use the wallet address from the custodial wallet. moreover, you plan to become a holder, right? custodial wallet is the best choice.

Thank you my friend! Yes, im learning a lot here and really want to know more about this world, save some money and invest.


Yes im still learning about wallets and crypto. Im gonna try to use everything on my phone, because i got my computer hacked one or two times, so im not safe to use for it.
Btw, i think i saw somewhere that you have how to make a physical and offline wallet, so maybe thats gonna be my research from now. For now, thanks for your contribution.


Youre perfectly right. I had to receive some non recurrent payments so i used binance, swapped to my currency and thats it. But now, i want to learn more because im in a new job that is paying me in crypto, USDT. And i want to learn and save them (swap to BTC of course).


Im a programmer and i have a VPS, so you think i can put something there instead of using a virtual machine at my own computer?

You've just spoken my mind. It is pointless putting btc address on BTT profile. Because it means nothing and moreover it is coming from a newbie. Even signature campaign btc address is only used in applying for campaign in the campaign thread and if they are hired by the manager they receive payment without including their btc address on their profile. Just like you said no one would put his account number in social media. The only people who are supposed to put such wallet adres are organisation that receives payment from across the world. Like multinational company, schools, social media page of orphanage home, and maybe organisation seeking for mass domination from people of free will. This are organisation that need to include Bitcoin wallet address on their profiles.

For bitcoin you can Use electrum and for EVM or Ethereum Virtual Machine you can use metamask and save all the private key + Optionally add a hardware wallet to give more security on your wallet.

Metmask is flexible with any EVM chain Layer 1 and Layer 2 including top chain like bnb matic and other. + if you are using metamask never approve suspicious contract and you will be safe. yes, using binance as holding wallet is somewhat dangerous.

Take it easy, one step at a time.  Start by getting familiar with some basics about the different kinds of cryptocurrencies out there and  (I saw you asked before whats the difference between a BTC address and TRC address - questions like those are a good place to start).  Learn about the different types of wallets, what private keys, public keys and public addresses are.  Check out how transaction fees work and how they are calculated.  Getting that foundation will pay off so you dont make some costly mistake down the line.

Theres no one perfect approach for everything, a lot depends on the specific situation.  For instance, using a deposit address from a centralized exchange like Binance isn't necessarily bad if the circumstances line up right.  Lets say you just need to receive a one-time payment from someone and you dont plan on holding the coins long-term, you want to swap them.  Centralized exchanges have their downsides no doubt but that doesnt mean they cannot also have some upside too, especially for someone just getting their feet wet with all this.

Well, go ahead. Read the text under my avatar.
It's a good idea to first learn more about the technical side of Bitcoin, especially choosing the most risky and recommended devices for wallets, how to store keys safely. All the links provided by Potato Chips are very good for you.
Don't rush for great changes. I assume you're still in the early stages of becoming your own bank.

No problem as everyone is saying but be careful of attacks like dust attacks as snowpega and with that I mean, try to read about what that means
What Is a Crypto Dusting Attack?
And other than that, keep on learning from the forum and don't hesitate to ask new questions that's making you curious.

Thanks for the advice. Im going to remove it from now on.


Yes yes not a problem here at the forum, just about the adress of the exchange itself. Thanks for the advice!

Dear, I would suggest you to share here a separate wallet address because using your personal wallet address to get payment from a public source is not recommended at all because some days ago I was reading a topic in which I learned about the dusk attack which works like someone will send you a very mini amount in your wallet and when you open the transaction details your wallet will be compromised so use a sperate wallet is my recommendation for you.

If you're referring to your Bitcointalk profile here then there's nothing to worry about, it belongs to you and you have the right to modify any changes to it, what you put in there doesn't violate any rule as long as it's ethical enough to reason with, there's never a time you will be required to update anything on your profile if not that you're ready and willing to do so. Welcome to Bitcointalk.

Electrum is a good wallet to use. The pros are greater than the cons. You can use coin control feature to regulate the fees. This can be helpful especially in times like this when bitcoin fees are high. Their RBF feature can be useful when you have an unconfirmed transaction and you want to increase the fees to speed up confirmation.

If you’re just going to hodl, I suggest you use Electrum or Blue wallet for small amounts of bitcoins. In time, as you increase your investment, you can consider buying a hardware wallet.

There's no problem sending crypto from Casino to Binance they don't have a regulation about that, unlike Coinbase. Withdrawing my funds from casino to Binance it works just fine.

However, I agree that it is risky since Binance deposit addresses are always changing every few months and we don't know maybe they also implement a regulation in the future to accept funds from Casino or block all funds that came from Casino just like what happened to Coinbase. He should have another wallet(Have full control) to receive these funds before he sends them to the Binance wallet to avoid this issue.

Binance is a centralized exchange and OP can use bitcoin stored on Binance for trading. OP can not trade bitcoin stored in Electrum wallet.

If OP wants to withdraw Bitcoin from Binance, the exchange will charge expensive withdrawal fee and they use part of it for tramsaction fee.

With Electrum wallet, OP will only have to pay on chain transaction fee. Extra fee is only OP uses 2FA for Electrum and the extra fee will go to Trusted coin.

If I understood it right, there are a few misunderstandings that were left unanswered:

- What OP calls "taxes" are in reality "fees". Binance has relative high fees, Electrum doesn't.

- You can't hold different coins in a BTC wallet (apart from forks). If you want to hodl different coins/tokens, you have to install different apps in your smartphone, one app that contains them all, or better buy a hardware wallet instead.

Unpopular opinion: if you have little funds and you are used to Binance, keep using Binance until you plan to have more funds and understand how the wallets above work.

I never said binance block deposit coming from gambling platforms the Op used gambling for example and that does not mean that the op will only be getting deposit from gambling sites, he can also be in a deal or contract which he can get a crypto deposit which the payment might be coming from an unknown source, which the op can tell the legitimacy of the fund sender in such a case what if the deposit is from an already blacklisted address what do you think will happen to that deposit.

Yes depositing in another address before sending into an exchange does not remove the link to what ever the address might be attached with but it reduces the possibility of the fund getting frozen directly and immediately, let’s just take what is happened between the seized mixer signature participants those who receive directly with their binance account and those who receive on a normal address before sending to binance.

OP. I've read your replies and will try to answer as much as I can!  

For starters, I highly recommend reading bitcoin basics

1. bitcoiner.guide
2. bitcoin.org
3. learnmeabitcoin.com - it's currently down but this is too good not to mention, try to access the archived pages through web.archive.org in the meantime

2nd, about taxes, well, it differs per country but most places don't tax people for merely holding their coins. Try to see if your country is included in koinly's guides, see: https://koinly.io/guides/ or if you don't mind mentioning your place, I'll try to find one or two guides for you -- if there is, that is.

3rd, exchange1 to exchange2 transfers are generally okay but I'd draw the line at gambling to exchange transfers since exchanges can be hostile with gambling platforms. Binance did not mention gambling on their terms of service which may be a good sign but I'd play it safe and not deposit directly.

It's worth mentioning that custodial exchanges such as binance should not be used as a storage. You are right that exchanges such as binance could withold your funds if they deemed so, hence long term storage should be in a wallet you fully control.

We typically suggest hardware wallets for long term storage as it has a nice balance of security and convenience. For this, see some sources below:

1. Open Source Hardware Wallets
2. https://bitcoiner.guide/wallet/hardware/

As for mobile wallets, if it is a hot wallet (connected to the internet) and something I carry around everyday. I'd treat it as a secondary wallet at best -- for day to day transactions for instance.

Bitcoiner.guide also has a good list of mobile wallets, see: https://bitcoiner.guide/wallet/mobile/

If you don't want to have bad things for your privacy, don't show your public address everywhere. I guess it is your worry by saying "not a right thing".

But beyond it, to choose a good Bitcoin wallet to use and store your bitcoin, you must prioritize open source and self custodial wallets like Bitcoin Core, Electrum.

Electrum is a SPV wallet and you don't need to have big storage space to use it. It does not require much syncing time.

Verify your Electrum.

You're exaggerating, when did Binance block gambling funds? I know they're centralized and have a power to froze someone's funds, but it's too far. Remember, even you receive the coins in your wallet first, then pass it to Binance, it's not mean you've hide the source. It's concealing, nothing different whether you directly or indirectly receive the coins.

Since the @OP don't mind with privacy, as long as gambling isn't illegal in your country, it's okay to use CEX.